H&R不动产投资信托基金正面临对其拆分和出售计划日益增长的反对，一些投资者认为该交易给了首席执行官家族过多的价值。
H&R Real Estate Investment Trust is facing growing opposition to its plan for a breakup and sale, with some investors arguing the deal gives too much value to the family of the chief executive officer.
持有该房地产公司1%股份的Sandpiper Group周五表示，将反对将导致H&R拆分为若干部分的复杂交易。
Sandpiper Group, which holds 1% of the property company’s shares, said Friday it will vote against the complex transaction that would see H&R split up into parts.
周一，另一家加拿大投资经理Scheer, Rowlett & Associates Investment Management Ltd.紧随其后。该公司在给彭博社的声明中表示，“代表持有约460万H&R REIT单位的客户，计划反对该拟议交易。”该公司总部位于多伦多的投资组合经理Brenna Phelan如是说。
It was followed Monday by another Canadian investment manager, Scheer, Rowlett & Associates Investment Management Ltd. The firm, “representing clients that own approximately 4.6 million H&R REIT units, intends to vote against the proposed transaction,” Brenna Phelan, a Toronto-based portfolio manager at the firm, said in a statement to Bloomberg.
她未详细说明理由。Scheer Rowlett的持股比例超过H&R股份的1.5%。该投资公司属于Connor Clark & Lunn Financial Group。
She didn’t elaborate on the reasons. Scheer Rowlett’s stake represents more than 1.5% of H&R’s shares. The investment firm is part of Connor Clark & Lunn Financial Group.
该交易将使Blackstone Inc.和其他投资者获得H&R的工业资产，而总部位于纽约的GO住宅不动产投资信托基金将收购住宅物业，主要位于美国阳光地带。H&R股东将获得现金和GO股份的组合。
The deal would see Blackstone Inc. and other investors get H&R’s industrial assets, while New York-based GO Residential Real Estate Investment Trust would acquire residential properties, mostly in the US sunbelt. H&R shareholders would get a mix of cash and GO shares.
一家名为CRAL的公司，由H&R执行董事长兼首席执行官Tom Hofstedter家族控制，将以约20亿加元（14亿美元）的价格从H&R购买一揽子资产——但根据Sandpiper及其他人的说法，他们实际支付的价格远低于此。
A company known as CRAL that’s controlled by the family of Tom Hofstedter, H&R’s executive chairman and CEO, would buy a collection of assets from H&R worth about C$2 billion ($1.4 billion) — and it’s paying far less than that for them, according to Sandpiper and others.
Sandpiper已聘请Norton Rose Fulbright Canada LLP担任法律顾问，Kingsdale Advisors担任战略顾问。
Sandpiper has hired Norton Rose Fulbright Canada LLP as legal counsel and Kingsdale Advisors as a strategic adviser.
自H&R披露历时近两年的出售过程细节以来，反对声浪不断升级，其中包括最终告吹的早期现金报价。
The opposition has intensified since H&R disclosed details of a nearly two-year sale process, including earlier cash offers that ultimately fell apart.
由Jimmy Shan领导的RBC资本市场分析师估计，Hofstedter的CRAL为其所获得的房产少付了约5亿加元。分析师警告称，许多房产难以出售，且潜在负债较大。
Analysts at RBC Capital Markets led by Jimmy Shan estimated that Hofstedter’s CRAL is paying about C$500 million less than the properties it’s receiving are worth. The analysts cautioned that many of the properties are difficult to sell and carry substantial potential liabilities.
RBC还质疑，H&R坚持以一笔交易出售整个公司是否让股东错失了更好的交易。山恩在上周的一份备忘录中写道：“我们很难看到HR单位持有人会批准这笔交易。”
RBC also questioned whether H&R’s insistence on selling the entire company in one transaction cost shareholders a better deal. “We struggle to see how HR unitholders will approve the deal,” Shan wrote in a note last week.
当这笔交易在八月宣布时，报价为每股H&R股份12.01加元，总企业价值为67亿加元。
When the deal was announced in August, the offer was worth C$12.01 per H&R share and a total enterprise value of C$6.7 billion.
但此后GO REIT的单位价格一直在下跌，根据多伦多周一下午早些时候GO的价格，交易价值已降至大约每股10.50加元。截至下午1点10分，H&R的交易价为9.81加元。H&R的一位发言人未予置评。
But GO REIT’s unit price has tumbled since then, reducing the deal value to around C$10.50 a share, based on the price of GO early Monday afternoon in Toronto. H&R was trading at C$9.81 as of 1:10 p.m. A spokesperson for H&R didn’t offer comment.
H&R的独立受托人一致推荐这笔交易，称在经过广泛审查未能为整个公司产生另一个可行的要约后，这代表了可获得的最佳选择。
H&R’s independent trustees unanimously recommended the deal, saying it represents the best option available after an extensive review failed to produce another viable offer for the entire company.
拥有930万股的RBC环球资产管理公司以及Mill Pond资本也表示，他们将投反对票。
RBC Global Asset Management, which owns 9.3 million shares, and Mill Pond Capital have also said they’ll vote against it.
股东将于11月13日进行投票。该交易需要获得所有投票的三分之二以及少数投资者所投多数票的批准。
Shareholders are scheduled to vote on Nov. 13. The transaction requires approval from two-thirds of all votes cast and a majority of those cast by minority investors.